Titan, Lockheed, delay merger vote
- By Michael Hardy
- Mar 13, 2004
Titan Corp. shareholders will vote on the company's proposed merger with Lockheed Martin Corp. April 12, not March 16 as originally planned. Titan officials agreed to move the date to allow more time for federal and internal investigations to conclude.
The Justice Department is probing allegations that consultants for Titan made improper payments or provided items of value in possible violation of the Foreign Corrupt Practices Act. The Securities and Exchange Commission is also investigating. The companies themselves are also reviewing records to learn if payments Titan made to its consultants were properly recorded.
Officials from the companies have also agreed to amend the merger agreement to extend the date by which either party may terminate the agreement if the merger has not been completed from March 31 to April 20.